1. Company A holds 85% of the outstanding common stock of Company B and there is no other type of stock offered by Company B. What does the remaining 15% qualify as?

Group of answer choices

the goodwill portion.

the dividend interest.

the controlling interest.

the non-controlling interest.

2. Company A owns 40% of Company B in 2020. On July 1, 2021, Company A purchased a 50% additional interest in Company B. How will Company A report this investment in Company B for 2021?

Group of answer choices

With an Investment in Co. B account on Co. A financial statement.

On Co. B financial statements.

On consolidated financial statements.

On a worksheet with no elimination entries.

3. The account Non-controlling Interest in Subsidiary is categorized as

Group of answer choices

Asset account on Balance Sheet.

Owner's equity account on Income Statement.

Owner's equity account on Balance Sheet.

Asset account on Income Statement.

4. On Jan 1, 2021, Green Inc reports net assets of $880,000 although a patent (with a 10-year life) having a book value of $330,000 is now worth $400,000. Yellow Corp pays $840,000 on that date for an 80% ownership in Green. On Dec 31, 2022, Green reports total expenses of $621,000 while Yellow reports expenses of $714,000. What is the consolidated total expense balance?

Group of answer choices

$1,335,000

$1,342,000

$1,197,800

$1,349,000

5. Full Co. acquired 70% of the voting common stock of Half Co. on Jan 1, 2022. During 2022, Half had revenues of $2,500,000 and expenses of $2,000,000. The amortization of excess cost allocations totaled $60,000 in 2022. The non-controlling interest's share of the earnings of Half Co. is calculated to be

Group of answer choices

$150,000

$132,000

$168,000

$160,000

6. Under U.S. GAAP, when a non-controlling interest is involved, the controlling company that owns 80% must report what percentage of the subsidiary's records with consolidated financial statements?

Group of answer choices

100%

80%

20%

90%